This promotion has ended but a new one has begun/extended. Read more about it here to find out what has changed - Futu's moomoo Attractive Sign-Up Bonus Has Been Extended!
Futu's moomoo brokerage app new sign-up promotion worth around SGD 200 has been extended to 30th April 2021 (1500hr SGT)! Sign up using our referral link here and deposit SGD 2,700, USD 2,000, or HKD 16,000 for the following benefits:
1. Commission-free trading in the US, HK, and SG markets for 90 days
2. Free level 2 Market Data for US market
3. SGD 30 cash coupon
4. One free AAPL share
2. Free level 2 Market Data for US market
3. SGD 30 cash coupon
4. One free AAPL share
When the moomoo app first launched in Singapore on 8th March 2021, they had the same sign-up bonus but the apple share was only limited to the first 10,000 customers. It probably deterred some of you as you cannot be sure that you will be able to get it.
However, I have confirmed with them that this time round, there is no cap/limit to the number of sign up. As long as the account is open before 30th April 2021, 1500hr SGT through our link, and the deposit is made within 45 days, you will be eligible for all the bonus above including the Apple share which is trading at around USD 120.
Please note that you will have to sign up using the link first where the website will guide you on opening an account directly. After that, you can go to the Apple or Google appstore to download the moomoo app.
For those that are wondering how legitimate is it:
Futu Holdings Limited ("Futu") is an advanced technology company transforming the investing experience by offering a fully digitized brokerage and wealth management platform. Taken from here. It is currently listed on the NASDAQ and is backed by Tencent. Futu has also incorporated a company in Singapore, Futu Singapore Pte. Ltd., that has a Capital Markets Services (CMS) Licence and is regulated by the MAS.
Futu Holdings Limited ("Futu") is an advanced technology company transforming the investing experience by offering a fully digitized brokerage and wealth management platform. Taken from here. It is currently listed on the NASDAQ and is backed by Tencent. Futu has also incorporated a company in Singapore, Futu Singapore Pte. Ltd., that has a Capital Markets Services (CMS) Licence and is regulated by the MAS.
Why trade using Futu’s moomoo app? Lowest commission fees! For Singapore stocks, it is just 0.06% (0.03% commission + 0.03% platform fees) or a minimum commission of SGD 2.49 (SGD 0.99 + SGD 1.50). The trading and clearing fees are the same and are charged on top of the commission regardless of which broker you use.
You can refer to the fees for HK and US markets here. In addition, as part of the sign-up bonus, you will be getting 90 days of commission-free trades.
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| The screenshot is taken from Dollars and Sense here |
The trading scene in Singapore has been slow to innovate. Unfortunately, the traditional banks/brokerages are still charging a minimum commission of SGD 5- SGD 28! As a result, it is very difficult for someone new to investing to start. Imagine I only have a budget of SGD 100- SGD 500 per month, the minimum commission (e.g. SGD 10) is going to eat up 5-10% of my capital which doesn't make sense.
Interactive Brokers (IBKR) has no minimum commission but they have a monthly activity fee of USD 10 if your portfolio is < USD 100k or your total commission for that month is < USD 10. Again, not very cost-effective if you are new to investing. The next closest competitor will be Tiger Brokers but considering moomoo's sign-up bonus is a lot more attractive and has a lower commission, the choice is obvious.
Futu's moomoo app allows one to trade in SG, HK, and US markets with options available for HK and US markets. Our plan is to use it to trade options (which is lacking in SC online trading account) for HK stocks (more affordable as compared to US stocks), selling put options (collect premium) while waiting for a good time to enter those shares we are interested in. This strategy is something I came across in one of Chicken Genius video - Sell at the money puts and maximizing time decay. Yes, I am a fan because I admire his courage to invest all his money in Tesla. Given that this is very new to me, I will probably be using paper trading/money to test it out first.
If you are interested in Futu's moomoo app, do use our referral link for our readers to get the above benefits!
For more information, please contact the customer service team directly at clientservice@futusg.com or you can also call them at +65-6439 1100.
In my opinion, this is a very attractive promotion you should not miss. No other banks/brokerages are going to be giving you free share for signing up with them. Besides, moomoo is also charging the lowest commission in Singapore and is definitely worth taking a look at.
If you are interested in Futu's moomoo app, do use our referral link for our readers to get the above benefits!
For more information, please contact the customer service team directly at clientservice@futusg.com or you can also call them at +65-6439 1100.
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May I ask, if using moomoo to buy sg shares, will the shares be credited to cdp? Or custodian act?
ReplyDeleteHi Newbie Investor,
DeleteIt will be custodian. If you really want your shares to be in CDP, then you will have to go through the traditional banks/brokers with minimum commission of ~$20 and above. Those less than $20 are also custodian account.
In my opinion, unless you are retired and have the time to attend AGM and vote, then go for CDP. Otherwise, investing through a custodian account is good enough as long as you look out for the hidden fees. Some charges custodian fees and corporate actions fee which moomoo doesn't so it is really cost-effective.
Thanks for the info!!
DeleteYou are welcome!
Deletebro, signed up using your link. :) btw, at the end, at the disclaimer statement, it states something about a margin account. is that something we need to bother about? Or just click agree/accept? haha
ReplyDeleteDS
Hi DS,
DeleteThanks for the support! Not really. All banks/brokerages will provide margin services but you can probably ignore it. According to the help center (https://support.futusg.com/en-us/topic50?from_platform=3), as long as your account is funded with the sufficient cash/deposit, the stock you are going to purchase will be through your cash/deposit.
Hi,
ReplyDeleteWhat are your thoughts on Saxo as another broker option?
Additionally, I understand that you are using SCB as your broker, will you consider using moomoo as well given that their fees are this attractive?
Thank you!
Additionally, another question on the cash coupons. Can they be used to purchase stocks or are they meant for fees?
DeleteAlso, looking closer at their T&Cs review that for the extended promotion, new account users are subjected to the following 3 conditions:
Condition (i): Successfully open a FUTU SG Securities account between 8th March 2021,00:00hrs SGT and 30th April 2021,15:00hrs SGT (hereinafter referred to as "activity time");
Condition (ii): Deposited funds worth SGD 2,700 or USD 2,000 or HKD 16,000 or more before (1500hrs SGT) on 30th April 2021;
Condition (iii): Successfully complete 3 trades^ within 45 days from the day the FUTU SG Securities account is successfully opened.
^The trades are calculated based on each 'buy' or 'sell' position created and completed via the customer's FUTU SG Securities account, across any market and products that are offered by FUTU SG.
While right below that they have another update at the same time without the 3rd condition. Just a little confused by this and was wondering if you had any confirmation from them regarding this?
Hi,
DeleteSaxo is one of the local broker that are quicker to react. I think the rest (e.g. poems, UOB KH, etc.) are just losing market share and will eventually reduce their commission but it will be too late by then. Since they are all custodian account, it only make sense to just go for the cheapest. We chose SCB many years back also because it was the cheapest.
If I'm not a priority customer, I would definitely have done it but because I'm a priority customer and I get access to other products - their secured wealth lending/leverage and no need to maintain a minimum balance, I will continue to use SCB. The plan is to use moomoo for options but I am distracted by crypto now. lol.
The cash coupons are like cash equivalent and can be used to purchase stocks. You should see it together with the deposit.
I have confirmed with them. The 3rd condition is no longer applicable. It will be as per what I have shared in my article - As long as the account is open before 30th April 2021, 1500hr SGT through our link, and the deposit is made within 45 days, you will be eligible for all the bonus above including the Apple share which is trading at around USD 120.